King Charles hails new era of Franco-British cooperation at Windsor banquet for President Macron
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Yahoo
9 minutes ago
- Yahoo
Car import quotas, export credits on table for EU-US trade talks, sources say
By Christoph Steitz, Julia Payne and David Lawder FRANKFURT/BRUSSELS/WASHINGTON (Reuters) -Brussels is discussing with U.S. counterparts a range of measures aimed at protecting the European Union's auto industry from steep U.S. import duties, including tariff cuts, import quotas and credits against the value of EU automakers' U.S. exports, industry sources and trade officials say. The talks are part of efforts by the European Commission, the bloc's executive branch, to reach a trade agreement outline with the United States in the coming days, ahead of the August 1 deadline set by U.S. President Donald Trump for broad tariff increases. Trump said on Tuesday he would "probably" tell the EU within two days what rate it could expect for its exports to the U.S., adding that the 27-nation bloc had become much more cooperative. EU negotiators have sought relief from tariffs in key sectors such as autos and aerospace. One EU diplomat previously said cars were a "red line" for the bloc, making a U.S. concession on cars a caveat of any deal. Since April, EU carmakers have incurred a 25% U.S. import tariff on top of the 2.5% already in place. The levy is separate from Trump's prior threatened 20% "reciprocal" tariff announced in April but dialed back to 10%. Discussions are ongoing and it is unclear if the U.S. administration will agree to all terms from its biggest bilateral trading partner, the sources said. The White House, the U.S. Trade Representative's Office and the Commerce Department did not immediately respond to requests for comment on the U.S.-EU negotiations. The European Commission also had no immediate comment for this story. EU trade chief Maros Sefcovic said on Wednesday the Commission has made good progress on a framework trade agreement with the United States and a deal may be possible in the coming days. The sources - two European industry sources, three European officials and three U.S. industry sources familiar with the talks - declined to be identified because the talks are confidential. EXPORT CREDITS A U.S. source and one European official said things are moving "fast" in the negotiations. On the table is a proposal that would provide some relief from import tariffs for carmakers that produce vehicles in the United States and export them to other countries, three of the sources said. Under that plan, carmakers that export vehicles from the U.S. would get credits for that export value, which could then be applied against the value of any imports from the EU into the U.S., the U.S. source said. That would allow companies to import that value of vehicle duty-free or at a reduced rate, while anything above it would be subject to the maximum tariff. Such a mechanism would benefit carmakers BMW and Mercedes-Benz, which both have major production hubs in the United States for sport-utility vehicles, with a significant share of their output exported. Two sources said the U.S. had offered some relief if a company agrees to make additional investment, a mechanism that would help Volkswagen, which barely exports out of U.S. plants but is weighing a local factory for its Audi brand. The terms are a delicate balancing act for Brussels as it tries to find concessions that are acceptable to carmakers such as BMW, Porsche, Volkswagen and Mercedes-Benz, as well as to the Trump administration, which wants to boost U.S. manufacturing and create jobs. TARIFF RATES, QUOTAS DISCUSSED Europe shipped nearly 758,000 cars worth 38.9 billion euros ($45.57 billion) to the U.S. in 2024, more than four times as many as in the other direction, according to data from European auto association ACEA. Two of the sources said the framework may be similar to the one agreed with Britain in May. In that deal, the U.S. cut tariffs on British-made cars to 10% and British carmakers received a import quota of 100,000 cars a year at the lower tariff rate, almost the total Britain exported last year. While the EU had proposed a similar tariff-rate quota with a certain number of vehicles imported, two U.S. industry sources said the Trump administration was leaning against this. Three sources said both sides have discussed cutting their respective auto import tariffs from current levels - 27.5% for imports into the U.S., and 10% for imports into the EU. Non-tariff elements such as standardising regulation, for example in the area of auto safety tests, are also being offered by the EU, one of the people said. ($1 = 0.8536 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vogue
24 minutes ago
- Vogue
Hailey Bieber Makes a Bid for the Trend—and Fruit—of the Season
From the woman who brought you Strawberry Girl Summer comes—say it with me now—Lemon Drop Summer. Hailey Bieber is in Mallorca, where she's celebrating the launch of her newest Rhode lip treatment, lemontini. And, like she did with her strawberry Krispy Kreme collab in 2023, Bieber is gunning to make lemon the citrus du jour. She recently declared butter yellow 'played out,' opting for a zestier shade in a trendy beachside look. Emilio Pucci's psychedelic prints are enjoying a moment in the sun this summer, and Bieber is all aboard the revival. She's so keen, in fact, that she tapped Pucci to fashion her a custom, lemon yellow set for her beachside celebration: a bikini top with a matching cropped jacket and a pair of capris. She and stylist Dani Michelle rounded out the look with a pair of kitten-heeled flip-flops and Méga jewelry. Bieber has incorporated pedal pushers into her wardrobe recently, from the polka-dotted pair she wore just a few weeks ago to the classic black capris she donned for dinner at Sushi Park. While she's endorsing the existing Pucci and pedal pusher trends, she's also reminding us that she's no follower, throwing her weight behind lemon yellow. If anyone can make it the color of the moment, it's Hailey Bieber.
Yahoo
25 minutes ago
- Yahoo
Katy Perry and Orlando Bloom spotted on friends' yacht with Jeff Bezos and Lauren Sanchez days after confirming breakup
Katy Perry and Orlando Bloom have been spotted together just days after representatives for the former couple confirmed their breakup. In photos obtained by PageSix, the 40-year-old singer was seen in Italy alongside the 48-year-old Lord of the Rings actor with their four-year-old daughter, Daisy, on a friend's yacht. The Independent understands that Jeff Bezos and his wife Lauren Sánchez came to visit Perry and Bloom, who are with friends. Perry was pictured walking around the boat in a black bikini, while one image captured Bloom playfully throwing Daisy into the air. Later, the former couple were photographed taking a walk in Capri together with their daughter. The outing comes a few days after representatives for both Perry and Bloom confirmed that the couple had split after nine years together. 'Representatives have confirmed that Orlando and Katy have been shifting their relationship over the past many months to focus on co-parenting,' an official statement shared on Friday read. 'They will continue to be seen together as a family, as their shared priority is – and always will be raising their daughter with love, stability, and mutual respect.' The pair began dating in 2016 after meeting at a Golden Globes afterparty and welcomed Daisy together in 2020. Bloom also has a 13-year-old son, Flynn, with ex-wife Miranda Kerr. They had previously split for about a year in 2017, and announced they were taking 'respectful but loving space,' with Bloom later proposing in 2019 after they rekindled their bond. Neither Bloom nor Perry has directly addressed the break-up. Last Thursday, Bloom posted a screenshot on his Instagram Stories of an article about psychiatrist Carl Jung, highlighting one of his quotes in a separate post. It read: 'Loneliness does not come from having no people about one, but from being unable to communicate the things that seem important to oneself.' Bloom posted another quote in a follow-up post: 'We are not what happened to us, we are what we choose to become.' Meanwhile, Perry took the stage at the Adelaide Entertainment Centre on June 30 for the last show in Australia on her Lifetimes World Tour. In a fan-shared video on X, Perry, visibly emotional, formed her hands into a heart shape as tears welled in her eyes. 'Thank you for always being there for me, Australia. It means the world,' she told the audience, before taking a deep breath. 'Now let's sing 'Firework!''Due to her touring schedule, Perry wasn't able to attend Sánchez and Bezos's lavish three-day wedding celebration in Venice, while Bloom did attend by himself. However, the former journalist did tell the 'Teenage Dream' singer that she 'missed her' in an Instagram comment. 'We miss you, Katy,' she wrote alongside a heart emoji at the time.
